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Days of the BJP President, Nitin Gadkari, appears to be numbered in office following serious charges of corruption against him. The party has to choose between Gadkari and its anti-corruption plank. The party’s anti-corruption crusade has been completely demolished by recent revelations about funds sourced by Purti Power and Sugar Ltd controlled by Gadkari, and fake addresses of most of the significant shareholders, apparently firms controlled by the BJP Chief’s close aides, raised serious concerns about probity in public life.

The Steering Committee of the Vienna Initiative 2 has submitted observations and proposals on cross-border supervisory practices to a number of European authorities. These focus on critical aspects of home-host cooperation, which are of particular importance for host countries in Central, Eastern, and Southeastern Europe where locally systemic affiliates of foreign banks operate.

Russian president, Vladimir Putin, is all set to visit India on December 24. The visit has raised the hopes for a reset to India-Russia relations. In the Cold War days, India-Russia relations were of great significance diplomatically and economically.

Bad news after bad news! As if 49 per cent FDI in civil aviation was not enough to undermine the country’s security concerns, the government is now said to be considering 100 per cent FDI in shipping, leaving the country’s second line of defence and part of its 7,500-km-long sea coast at the mercy of foreign ship-owners.

The WTO Committee on Subsidies and Countervailing Measures, on 23 October 2012, approved the final extension of the transition period — until end 2013 — for export subsidy programmes of 19 developing countries. These programmes consist mainly of free trade zones and tax incentives.

Policy implementation remains steadfast despite the challenging external environment, helping Ireland to start to regain market access. It is expected that fiscal targets for 2012 will be met despite expenditure overruns in some areas, and the authorities are committed to the 2013 deficit ceiling of 7.5 percent of GDP.

Will the BJP chief Nitin Gadkari get a second term? The position of Gadkari has become shaky in the wake allegations of scams against him. The BJP chief, who was poised to get a second term, is in trouble now after facing charges of financial irregularities.

Singapore: India's slowing economy got a lift when the government decided to ease rules for foreign investments in September. The reforms perked up the Mumbai Sensex by 10% over the past 12 months, enabling the country's 100 richest to realize modest gains. Their collective net worth is up 3.7% to $250 billion compared to $241 billion a year ago.

In most OECD countries tax revenues are continuing to rise in relation to GDP from the 2008-09 declines seen at the beginning of the crisis, according to OECD’s annual Revenue Statistics. OECD countries collected about 34.0% of GDP in taxes in 2011, compared with 33.8% in 2010. This is still well below the most recent peak of 2007 when tax revenues to GDP ratios averaged 35.1%.